The Center for Responsible Lending estimates that predatory payday lending costs Americans $3.4 billion per year in excess fees. The payday lending business model is designed to cultivate repeat borrowers. You'd be wise to avoid the trap.

The popularity of prepaid debit cards has been rising in recent years, including those endorsed or sold by celebrities. According to the Consumer Financial Protection Bureau, more than 7 million consumers use prepaid cards—and that number is expected to rise in the coming years. If you’re considering a prepaid debit card, here are three questions to ask yourself to help you decide if one is right for you.